Operating Segments (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Financial Data for Business Segments

The following tables represent the financial data for Valley’s operating segments for the three and six months ended June 30, 2022 and 2021:

	Three Months Ended June 30, 2022
	Consumer Lending			Commercial Lending			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	7,967,305		$	34,549,982		$	6,373,943		$	48,891,230
Interest income	$	63,137		$	352,440		$	37,370		$	452,947
Interest expense	4,723			19,735			10,329			34,787
Net interest income	58,414			332,705			27,041			418,160
Provision for credit losses	5,402			38,310			286			43,998
Net interest income after provision for credit losses	53,012			294,395			26,755			374,162
Non-interest income	17,086			14,425			27,022			58,533
Non-interest expense	18,791			24,448			256,491			299,730
Internal transfer expense (income)	37,629			157,365			(194,994)			—
Income (loss) before income taxes	$	13,678		$	127,007		$	(7,720)		$	132,965
Return on average interest earning assets (pre-tax)	0.69		%	1.47		%	(0.48)		%	1.09		%

	Three Months Ended June 30, 2021
	Consumer Lending			Commercial Lending			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	7,150,137		$	25,485,161		$	5,272,116		$	37,907,414
Interest income	$	59,419		$	255,895		$	18,334		$	333,648
Interest expense	5,192			18,467			9,082			32,741
Net interest income	54,227			237,428			9,252			300,907
Provision (credit) for credit losses	711			8,066			(30)			8,747
Net interest income after provision for credit losses	53,516			229,362			9,282			292,160
Non-interest income	21,915			9,819			11,392			43,126
Non-interest expense	19,792			27,241			124,860			171,893
Internal transfer expense (income)	19,862			71,207			(91,069)			—
Income (loss) before income taxes	$	35,777		$	140,733		$	(13,117)		$	163,393
Return on average interest earning assets (pre-tax)	2.00		%	2.21		%	(1.00)		%	1.72		%

	Six Months Ended June 30, 2022
	Consumer Lending			Commercial Lending			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	7,848,764		$	30,743,387		$	6,017,817		$	44,609,968
Interest income	$	122,596		$	610,346		$	60,463		$	793,405
Interest expense	7,930			31,062			18,584			57,576
Net interest income (loss)	114,666			579,284			41,879			735,829
Provision for credit losses	7,275			39,937			343			47,555
Net interest income (loss) after provision for credit losses	107,391			539,347			41,536			688,274
Non-interest income	30,903			31,305			35,595			97,803
Non-interest expense	35,359			49,533			412,178			497,070
Internal transfer expense (income)	66,276			257,281			(323,557)			—
Income (loss) before income taxes	$	36,659		$	263,838		$	(11,490)		$	289,007
Return on average interest earning assets (pre-tax)	0.93		%	1.72		%	(0.38)		%	1.30		%

	Six Months Ended June 30, 2021
	Consumer Lending			Commercial Lending			Treasury and Corporate Other			Total
	($ in thousands)
Average interest earning assets	$	7,099,973		$	25,509,061		$	5,039,222		$	37,648,256
Interest income	$	120,264		$	508,231		$	36,951		$	665,446
Interest expense	11,607			41,702			18,563			71,872
Net interest income	108,657			466,529			18,388			593,574
(Credit) provision for credit losses	(1,924)			19,715			(388)			17,403
Net interest income after provision for credit losses	110,581			446,814			18,776			576,171
Non-interest income	35,600			17,533			21,226			74,359
Non-interest expense	39,641			52,772			239,693			332,106
Internal transfer expense (income)	39,364			141,790			(181,154)			—
Income (loss) before income taxes	$	67,176		$	269,785		$	(18,537)		$	318,424
Return on average interest earning assets (pre-tax)	1.89		%	2.12		%	(0.74)		%	1.69		%